NEW JERSEY FORECLOSURE ACTIVITY DECREASES 13 PERCENT IN JULY

ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

 

Yearly Total Up 53 Percent From July 2006

 

IRVINE, Calif. – Aug. 24, 2007 – New Jersey reported 4,157 foreclosure filings in July, a 13 percent decrease from the previous month, but still a 53 percent increase from July 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although New Jersey foreclosures decreased in July, the numbers are up from this time last year by more than 50 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate was below the national average earlier this year. This is likely contributing to the overall rise.”

 

New Jersey ranked 14th in the country in total foreclosures reported for the month. The state’s foreclosure rate of one foreclosure filing for every 828 households ranked it 14th among the 50 states.

 

Monmouth County leads all in foreclosure activity for July

Monmouth County led the state in foreclosure activity for July, reporting 498 foreclosure filings. Essex County reported the second highest county total, with 435 foreclosure filings. Union County reported the third highest county total, with 415 foreclosure filings, followed by fourth place Camden County, with 389 foreclosure filings in the foreclosure pipeline. Ocean County reported the fifth highest county total, with 344 foreclosure filings.

 

Cumberland County posts highest foreclosure rate

Cumberland County reported the highest county foreclosure rate in the state for July, with a rate of one foreclosure filing for every 311 households — 2.7 times the state average. Sussex County posted the second highest foreclosure rate, with one foreclosure filing for every 397 households — 2.1 times the state average. Union County posted the third highest foreclosure rate, with one foreclosure filing for every 470 households — 1.8 times the state average. Mercer County came in fourth, with a foreclosure rate of one foreclosure filing for every 489 households — 1.7 times the state average. Monmouth County rounded out the state’s top five with a rate of one foreclosure filing for every 507 households — 1.6 times the state average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in New Jersey accounted for 2 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                        New Jersey Foreclosure Market by County – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

New Jersey

2

4

1,123

2,813

215

4,157

828

0.84

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

0

11

122

11

144

854

0.81

0.97

Bergen

0

0

59

2

12

73

4,740

0.15

0.17

Burlington

0

1

51

93

41

186

920

0.75

0.90

Camden

0

0

132

209

48

389

524

1.32

1.58

Cape May

0

0

26

18

0

44

2,235

0.31

0.37

Cumberland

0

0

15

156

3

174

311

2.23

2.66

Essex

1

1

227

192

14

435

704

0.98

1.18

Gloucester

0

0

30

71

14

115

897

0.77

0.92

Hudson

0

0

54

11

3

68

3,639

0.19

0.23

Hunterdon

0

0

6

3

0

9

5,343

0.13

0.16

Mercer

0

0

65

218

1

284

489

1.42

1.69

Middlesex

1

0

76

9

2

88

3,214

0.22

0.26

Monmouth

0

1

69

428

0

498

507

1.37

1.63

Morris

0

0

22

87

15

124

1,470

0.47

0.56

Ocean

0

1

87

251

5

344

782

0.89

1.06

Passaic

0

0

76

234

11

321

534

1.30

1.55

Salem

0

0

13

27

0

40

677

1.02

1.22

Somerset

0

0

18

173

7

198

602

1.15

1.38

Sussex

0

0

31

114

5

150

397

1.75

2.09

Union

0

0

38

356

21

415

470

1.47

1.76

Warren

0

0

17

39

2

58

769

0.90

1.08

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

 

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